Paypal (NASDAQ: PYPL), EY and Google Cloud are said to be currently using Coinbase (NASDAQ:COIN) for B2B payments.
More Fortune 500 companies are reportedly teaming up with Coinbase to explore crypto payments.
With a 12-year record of custodying cryptoassets, the digital assets firm says tha tit looks forward to continuing their transformative work with PayPal, Google Cloud, EY and others to bring crypto transformation to all industries across the globe.
Major brands and organizations have reportedly taken note of these benefits.
Recently, PayPal revealed that it has paid EY invoices using PayPal USD (PYUSD) deposited into EY’s Coinbase Prime account.
Using SAP’s Digital Currency Hub, payments were carried out from PayPal’s core SAP ERP for fast execution.
With this update, EY joins Google Cloud and others in leveraging Coinbase Prime to accept and custody crypto payments.
Steven Capozza, Director of Institutional Sales at Coinbase explained that an increasing number of Fortune 500 companies are approaching Coinbase to explore crypto payments. Steven claims that many are now moving from proof-of-concept exploration to full adoption.
Steveln also shared that stablecoins settle instantly, are borderless, and can offer rewards to holders, improving workflows for companies and their vendors alike.
Steven also noted that Coinbase is eager to provide the technology making these transactions possible and to be trusted by brands like PayPal, Google Cloud, EY, and many others.
Steve Everett, Director of Market Development, PayPal added that B2B payments is ripe for innovation – and digital currencies can provide incredible value in these use cases. Steve added that requiring terms like ‘net-30’ for invoice payments can restrict cash flow and negatively impact business operations.
Steve further noted that with digital currencies such as stablecoins, payments can be made 24/7, funds transferred almost instantly and settled in near real time.
Richard Widmann, Head of Web3 Strategy, Google Cloud said that as capital markets move towards 24/7 availability, the demand for instant, digital payments is becoming more vital for businesses.
They also mentioned that Google Cloud is committed to providing their customers with payment flexibility, and their partnership with Coinbase enables them to explore and offer varous payment solutions.
This highlights one key example of scaled, enterprise-grade crypto payments utility.
Coinbase says that it’s is on a mission to update the global financial system.
With a 12-year track record of safely custodying crypto assets, they aim to look forward to continuing their ongoing work with PayPal, Google Cloud, EY and others to bring crypto transformation to all industries internationally.
